La Cadima in Playa Macenas: Proposed Legal Action
May 21st, 2011
Following the legal analisis done for Los Cerros de Turre, I will list below what, in my opinion, should be the best course of action for those affected in the La Cadima/Playa Macenas failed development. The options are listed in order of appropriateness:
- Action against the bank involved: there is a bank guarantee issued by Bancaja, which is a global master guarantee to ensure deposits are safeguarded against the risks named by the 1968/57 Act on Bank guarantees, i.e. lack of building license and lack of license of occupancy. Furthermore, a letter signed by Bancaja states that a special account is opened with Bancaja and is blocked from the Banks customer, this meaning that the company, Citrus Playa Macenas S.L., cannot access this money and the money will be released to them only when they build the property of the depositor. It then goes on to affirm that the bank will issue a bank guarantee to each depositor which guarantees that the money will be released to Citrus Playa Macenas only when, as they build the property and if the property is not complete the money will be returned to the depositor. An action against Bancaja is a must in the case of Cadima, given the antecedents we know.
- Criminal action for misappropriation and swindle by theft: this option is seriously weakened given that a bank guarantee was obtained, and therefore, the use given to funds would not constitute, in principle, criminal misuse, or embezzlement.
- Action against lawyers: Equally, lawyers in this case would be able to rightfully put a defense on the basis that, although no individual guarantees were issued, Bancaja did agree in writing to guarantee the deposits.
- Ordinary civil action: The very last resort given the minimal impact it would have on the status of claimants.
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